Tacoma Multifamily

iBorrow Provides $27.7 Million Refinance Loan for Multifamily Property in Tacoma, Washington

iBorrow, a nationwide private direct lender for commercial real estate, has provided a $27.7 million loan secured by a multifamily property comprising 144 residential units, 6,000 square feet of ground floor retail, 114 parking stalls, and 29 motorcycle stalls.  The proceeds of the iBorrow loan will be used to refinance an existing loan. 

Brian Good, iBorrow CEO, said, “Tacoma, Washington is increasingly attracting a growing number of people who are moving there as a less expensive yet proximate option to Seattle and other more expensive parts of the metro. In recent years, Pierce County’s population growth consistently ranks among the strongest in the country and demand for affordable and luxury residential in and around downtown Tacoma continues to grow. We believe the property we financed is well-positioned to benefit from the secular growth in demand within the submarket and is being funded at an attractive basis.”